RE:RE:RE:RE:RE:RE:RE:RE:Serious volume spike My understanding of a "Market At Close" trade is that it's not orchastrated as a cross trade even if it appears as one. A buyer and a seller would both enter their desired buy-sell amount which is matched at close by the TSX "Market at Close Facility." The buyer and seller do not know each other as they may in a cross trade and it is not listed or marked as a cross trade and matched by system generated entries at close to limit volatility.
The market at close gives liquidity to investors who do not want to disclose their hands without altering the price up or down. Deals must be done within a very tight range band to closing price. These kind of deals tell me the TD buyer didn't want day time bidders to know he was buying again as it may influence the direction of the market. Just a thought.
Each trade has a transaction marker including cross/bypass trades and these were not cross trades, although many of this TD buyers were.
The big buyer put in a # of shares he was willing to buy at closing price and they were matched by a seller with such inventory. No collusion between parties by default.
DZtrader wrote:
Hey Este, and thanks. So correct me if I am wrong here, essentially then there would have to be a block put up for sale to match at that kind of unusually high volume, which would suggest then it is an "orchestrated predetermined" sale, correct?